A Fad Is Defined as a Currently Valued Style of Behavior

question 27

True/False

A fad is defined as a currently valued style of behavior, thinking, or appearance. Unlike fashions, fads tend to be longer lasting. A fashion is a temporary but widely copied activity enthusiastically followed by large numbers of people.

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Definitions:

Net Method

An accounting method where discounts for early payment are assumed to be taken and sales or purchases are recorded at their net of discount values.

Purchases Discount

Purchases discount is a reduction in the price paid for goods or services, often granted to a buyer when payment is made within a specified period.

Financial Statement

Formal records that outline the financial activities and condition of a business, individual, or other entity.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, indicating its usual increase direction.